According to a new report published by Allied Market Research, titled, “Data Monetization Market," The data monetization market was valued at $2.1 billion in 2020, and is estimated to reach $15.4 billion by 2030, growing at a CAGR of 22.1% from 2021 to 2030.
Advancements in industrial-grade digital technology, increase in inclination toward cloud-based data monetization software, rise in need for improved supply chain, and customer relation management majorly contribute toward the growth of the market. However, lack of IT infrastructure in the underdeveloped nations and surge in security & privacy concerns hamper the growth of the data monetization market.
On the basis of industry vertical, the IT & telecommunication segment dominated the overall data monetization industry in 2020, and is expected to continue this data monetization market trends during the forecast period. Massive growth of the data in the telecommunication and IT sector and increase in need to generate other revenue streams through the data monetization services drive the growth of the market. However, the retail and E-commerce segment is expected to witness highest data monetization market growth. E-commerce players increasingly adopt data monetization solutions to sell the data or to join hands with brands to analyze the data and use it to generate additional revenue. Moreover, increase in focus of small and medium businesses toward the data monetization strategy to generate revenue streams fuels the data monetization industry. For instance, Chinese e-commerce behemoth focuses on collection of consumer data. In addition, companies, such as Google, Amazon, LinkedIn, and Netflix, are popular for monetizing information to generate revenue and gain market share.
Region wise, the data monetization market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to .the fact that banks and financial institutions in this region use data to sell new services by adding net new revenue streams through data monetization. Furthermore, Asia-Pacific region is subjected to grow at the fastest CAGR in the upcoming years. This is attributed to fact that telecom service providers have recognized the value of the collected data and thus have started to monetize the information to improve their profitability-per-user ratio by using data monetization, which majorly drives the market.
The emergence of COVID-19 has drastically affected different industries across the globe. Owing to lockdowns and restrictions during COVID-19 pandemic, industries such as aviation, automotive, tourism, oil& gas, education, and manufacturing experienced a fall in their market share. Owing to COVID-19 pandemic, many governments and FinTech industries have witnessed growth due to number of factors, including continuous rise in the volume of enterprise data, technological advancements in big data &analytics solutions, growth in importance to generate new revenue streams, security &privacy concerns, and others. Surge in awareness about the potential benefits of data monetization and increased adoption of data monetization among the service providers provide opportunities for the data monetization market share growth. However, each factor has its definite impact on the data monetization market size.
KEY FINDINGS OF THE STUDY
- By component, the software segment generated the highest revenue in 2020.
- By deployment type, the on-premises segment generated the highest revenue in 2020.
- By enterprise Size, the large enterprises segment generated the highest revenue in 2020.
- By industry vertical, the IT and telecommunication segment dominated the data monetization market size in 2020. However, the retail & E-commerce segment segment is expected to exhibit significant growth during the data monetization market forecast period.
- Region wise, the data monetization market size was dominated by North America. However, Asia-Pacific is expected to witness significant on the data monetization market analysis in the coming years.
This report gives an in-depth profile of some key market players in the data monetization market are, Accenture, SAP SE, Adastra Corporation, Monetize Solutions, Inc., VIAVI Solutions Inc., ALC, Reltio, Optiva, Inc. (Redknee Solutions Inc.), Cisco Systems, Inc., and Mahindra ComViva. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.